Income Tax Articles

Updated Return (ITR-U) u/s 139(8A) - A Comprehensive Guide

CA Daljinder Singh 10 March 2025 at 08:36

ITR-U was introduced in the Union Budget 2022 u/s 139(8A) of the Income Tax Act, 1961. This provision allows taxpayers to correct errors, declare undisclosed income, and file returns if missed earlier, even after the belated and revised return deadlines.

Save Tax on Equities with Tax Harvesting

CA Rohit Sonar 08 March 2025 at 08:26

With the new Income Tax Act maintaining the existing set-off and carry-forward provisions, tax harvesting will continue to be a viable strategy for optimizing tax liability on capital gains.

Comparison of ITR-U (Section 139(8A)) and Condonation of Delay of ITR (Section 119(2)(b))

CA Varun Gupta 07 March 2025 at 08:44

The Income Tax Act, 1961, provides different mechanisms for taxpayers to address missed deadlines for filing Income Tax Returns (ITR).

TDS on Rent Under Section 194-IB: Understanding the Transition from 5% to 2%

CA Harshali Salvi 06 March 2025 at 08:34

The Union Budget 2024 reduced the TDS rate on rent payments under Section 194-IB from 5% to 2%, effective October 1, 2024.

Tax Saving Strategies for Taxpayers in this March!

CA Umesh Sharma 04 March 2025 at 08:34

Discover expert tax-saving tips as Krishna guides Arjuna through deductions, exemptions, and strategies under the new and old tax regimes. Maximize savings and minimize tax liability with smart financial planning!

ITR-U - Belated Return u/s 139(8A): A Detailed Overview after Budget 2025

CA Varun Gupta 03 March 2025 at 08:30

The Updated Income Tax Return (ITR-U) is a recent provision introduced under Section 139(8A) of the Income Tax Act, 1961. This provision gives taxpayers an opportunity to correct errors or omissions in their previously filed returns, even after the prescribed deadlines have passed.

The Role of CS in Tax Compliance: A Case for Inclusion in the Income Tax Act, 2025

Team IN Filings 03 March 2025 at 08:30

After the ICSI's multiple representations to the Income-Tax Bill Review Committee, the government is conducting a study to determine whether CS should be recognized as an Accountant.

Comprehensive Guide to Section 140B: Taxation of Updated Returns Under the Income Tax Act

CA Jaydeep Babubhai Vadher 01 March 2025 at 08:34

Section 140B governs the tax payment mechanism when an assessee furnishes an updated return under Section 139(8A).

TDS on Salaries (FY 2024-25): New Rules Under Section 192 Explained

CA Jaydeep Babubhai Vadher 28 February 2025 at 08:28

Income-Tax Deduction from Salaries during the Financial Year 2024-25 under Section 192 of the Income-Tax Act, 1961

Income-Tax Amendments 2025: New Compliance Requirements for Trusts

CA Jaydeep Babubhai Vadher 27 February 2025 at 08:36

In exercise of the powers granted under sub-section (1A) of section 115AD, sub-section (4) of section 115TCA, sub-section (4) of section 115UA, and sub-section (7) of section 115UB, read with section 295 of the Income-tax Act, 1961, the CBDT has introduced important amendments to the Income-tax Rules, 1962.